What is the difference between product markets and factor markets?
What will be an ideal response?
Product markets are markets for goods and services. Factor markets are markets for the factors of production, which are the inputs used to make goods and services.
Economics
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In the above figure, if no government intervention occurs, at the unregulated competitive market equilibrium, the marginal cost of the externality is ________ per unit
A) $3 B) $4 C) $6 D) $7
Economics
Julie's demand curve for video downloads is downward sloping because as the price of a download decreases, ________ and she watches ________ videos
A) the slope of her budget line changes; fewer B) her budget line shifts inward; fewer C) the slope of her budget line changes; more D) her budget line shifts outward; more
Economics